Canara Bank offers various personal loan schemes like Canara Budget, Canara Pension, Canara Consumer, Canara Home Improvement etc. to cater to the financial needs of various groups of individuals. The loan amount sanctioned may be up to Rs. 5 lakh that may be used for purposes such as wedding, home renovation, medical expenses, vacation, etc.
Features of Canara Bank Personal Loan
- Loan amount: The loan amount offered by Canara Bank on various personal loan schemes goes up to Rs. 5 lakh to fulfil different personal needs
- Flexible tenure: The tenure depends upon the type of personal loan scheme that you choose and the maximum tenure on offer is 72 months
- Multiple options: Canara Bank offers various loan schemes that are designed for different categories of individual applicants. These schemes are Canara Budget, Canara Pension, Canara Consumer Loan, etc.
- Online application: Canara Bank personal loan can be applied online from the comfort of your home or office and ensures less documentation and quick disbursal of loan amount
Canara Bank Personal Loan Interest Rates
The following are the interest rates applicable to various types of personal loans offered by Canara Bank:
|Types of Personal Loan||Interest Rate|
|Canara Home Improvement||10.55% onwards|
|Canara Pension||11.35% onwards|
|Teachers Loan||12.05% onwards|
|Canara Budget||12.40% onwards|
|Canara Consumer||12.55% onwards|
Get to know more about Canara Bank Personal Loan Interest Rates.
Types of Canara Bank Personal Loan
1. Canara Home Improvement
This personal loan variant is available only to individuals who own an existing flat or house. Key features of this loan include:
- Loan is to be used specifically for the purchase of home furnishing and appliances such as air conditioners, refrigerator, etc.
- The maximum loan amount disbursed under this scheme is Rs. 2 lakh
- Tenure of this Canara Bank personal loan can be up to 60 months
- Interest rate for this loan ranges from 10.55% to 12.60% p.a. depending on client profile
2. Canara Budget
This loan is offered to meet genuine/personal needs other than speculative purpose for salaried as well as self-employed individuals and professionals. Key features include:
- The bank offers a Canara Budget of up to Rs. 3 lakh
- Loan must be repaid within 60 months.
- Interest rates start from 12.40% and go up to 14.45% p.a. depending on applicant profile
3. Canara Pension
The features of this loan against pension scheme from Canara Bank for the general public as well as retired ex-Canara Bank employees are as follows:
- Canara Pension loan is offered to the pensioners to meet their medical expenses and other genuine personal needs
- Loan amount available is up to Rs. 5 lakh
- Loan repayment tenure of up to 72 months for applicant is aged less than 65 years and 60 months if applicant is aged over 65 years
- Interest rates for Canara Pension loan starts at 11.35%.
4. Canara Teachers Loan
Canara Teachers loan is offered to teachers to fulfil personal/domestic needs and not for speculative purposes. Key features of this Canara Bank personal loan include:
- Loan amount of up to Rs. 3 lakh
- Repayment tenure of up to 48 months
- Interest rate for this loan starts at 12.05% and can go up to 14.10% p.a. depending on individual applicant profile
5. Canara Consumer Loan
This Canara Bank personal loan is offered to individuals so that they can purchase brand new consumer durable goods, computers/laptops, home appliances including furniture, electronic gadgets, etc. Key features of this loan include:
- The loan can be repaid over a period of 36 months
- Maximum loan amount offered under this category is as follows:
|For Salaried Applicants||Lower among: Rs. 1 lakh, 75% of the invoice value or 15 months of applicant’s net salary.|
|For Professionals and other non-salaried individuals||Lower among: 75% of the invoice value, 50% of the applicant’s|
net annual income (as per previous year) or Rs.1 lakh whichever is less.
- The interest rate for Canara Consumer loans start at 12.55% and go up to 14.60% p.a.
The eligibility criterion of Canara Bank Personal Loan varies as per the category of personal loan that you apply for. Therefore, the different eligibility criterion of various types of personal loans from Canara Bank is as follows:
1. Canara Budget
- Applicant should be a confirmed employee of reputed PSU (Public Sector Unit)/joint stock company, Central/State Government officials, Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities or IT Companies
- You must have a salary account in good standing with Canara Bank
- Your minimum monthly net take home salary should not be lower than Rs. 10,000 or 25% per month after payment of loan installment
2. Canara Pension
The following pensioners who are drawing their pension through Canara Bank are eligible for this loan:
- All State Government Pensioners
- All Central Government Pensioners (viz., Central, Civil, Railways, Defence, Armed Forces, Defence Civilians and Freedom Fighters etc.)
- Pensioners of all Government Department Undertakings
- Pensioners of all Public Sector Undertakings/Corporate Pensioners
- Family Pensioners of all the above categories
- Retired Canara Bank staff pensioners and family pensioners of retired Canara Bank staff can also avail this loan.
3. Canara Teachers Loan
- You should be a part of the teaching/non-teaching staff working in a school/college
- You should be drawing salary through Canara Bank
- Undertaking letter from salary disbursing authority at District/Block level also required
4. Canara Consumer Loan
- You should be a salaried professional, businessman or self-employed professional
- If you are a salaried individual, your minimum monthly net take home salary should be 40% of gross salary or at least Rs. 6000, after meeting the instalment for the proposed loan.
- Salary must be credited to Canara Bank salary account
- If you are a self-employed individual or professional, your minimum annual net income should be Rs. 1.5 lakh as evidenced by Income Tax Assessment Order (ITAO) / Income Tax Return (ITR)
Documents Required for Canara Bank Personal Loan
Like eligibility criteria, the documents required to apply for various types of Canara Bank personal loan also differ to some extent. Some common documents that may be required for each category are as follows:
- Identity proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips, Form 16, ITR
Additional documents for Canara Budget
- Stipulated Loan Application with 2 copies of passport size photographs
- Latest Salary Certificate and Form No.16/ITR/ITAO for last 3 years
Additional documents for Canara Pension
- Stipulated loan application with 2 copies of passport size photographs
- Co-obligation (unless waived by bank)
- Delivery letter to DPN (Demand Promissory Note)
Additional documents for Canara Teachers Loan
- Stipulated Loan Application with 2 passport size photographs
- Latest Salary Certificate and Form No.16
- Co-obligation where applicable
- Pronote/Pronote Covering Letter
- Undertaking letter from salary disbursing authority at District/Block level
Additional documents for Canara Consumer Loan
- Loan Application with 2 copies of passport size photographs
- Latest Salary Certificate and Form No.16 / ITR/ITAO for last 3 years
- Invoice of the article proposed to be purchased
How to Apply for Canara Bank Personal Loan with Paisabazaar?
The following are the key steps when applying for a personal loan with Paisabazaar:
- Fill out the online application form on Paisabazaar.com to get offers from various lenders as per the chances of approval
- Select the loan offer from Canara Bank (if available) or call Paisabazaar for further assistance
- The final step would be to fill out another online form asking for additional information so that your personal loan application can be forwarded to your desired lender
Personal Loan Verification Process
- Once your personal loan application is forwarded by Paisabazaar to the bank, the bank’s representative will call you for verification and to schedule a document pickup
- After you have submitted all the necessary documents, they are verified by the bank
- Once verification is completed, the bank calls you again with confirmation regarding the final offer from the bank that includes the loan amount, interest rate and tenure
- Once you agree to the terms of loan and sign the loan agreement, the amount gets disbursed to your account
Check Canara Bank Personal Loan Application Status
The following are the key steps for checking the status of your Canara Bank personal loan application:
Step1. Go to the Offline/Online loan application tracking page of Canara Bank
Step2. Enter your application number (generated/provided at the time of loan application submission) and then click on ‘Proceed’:
Fees and Charges
The following are the key fees and charges other than interest charges applicable to a personal loan:
|Types of Personal Loan||Processing Fees|
|Canara Budget||0.5% of the loan amount subject to a minimum of Rs.1000/- and maximum of Rs.5000/-|
|Canara Pension||Processing charges are waived in respect of the loans under this scheme|
|Canara Teachers Loan||1% of the loan amount with a minimum of Rs.50/-|
|Canara Consumer Loan||1% of the loan amount with a minimum of Rs. 250/-|
How to Login on Canara Bank Portal
The following is a step by step guide to log into the Canara Bank Portal:
Step1. Go to the Canara Bank online banking home page.
Step2. Login using your User ID and password.
Canara Bank Personal Loan Statement
You can access the personal loan statement from Canara Bank using the two available methods:
Online Method: Log into Canara Bank internet banking to view/download your personal loan account statement.
Offline Method: You can visit the nearby Canara Bank branch and request a printed copy of your personal loan statement (charges may be applicable).
Canara Bank Personal Loan EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Canara Bank PL changes based on loan tenure, loan principal and interest rate.
|Loan principal @ interest||Tenure|
|1 year||2 years||3 years||4 years||5 years|
|1 lakh @ 11%||Rs. 8,838||Rs. 4,660||Rs. 3,273||Rs. 2,584||Rs. 2,174|
|2 lakh @ 11.5%||Rs. 17,723||Rs. 9,368||Rs. 6,595||Rs. 5,217||Rs. 4,398|
|4 lakh @ 12%||Rs. 35,539||Rs. 18,829||Rs. 13,285||Rs. 10,533||Rs. 8,897|
|5 lakh @ 12.5%||Rs. 44,541||Rs. 23,653||Rs. 16,726||Rs. 13,289||Rs. 11,248|
Get to know more about Canara Bank Personal Loan EMI Calculator.
Comparison of Canara Bank PL vs. Other Lenders
The following is a comparison of key features of Canara Bank personal loan verses other leading lenders:
|Particulars||Canara Bank||HDFC Bank||Citi Bank||ICICI Bank||SBI|
|Interest Rate||Starting from 10.80%||11.25% to 21.50%||Starting from 10.99%||11.50% to 19.25%||Starting from 10.50%|
|Tenure||Varies from customer to customer||12 to 60 months||12 to 60 months||12 to 60 months||12 to 72 months|
|Loan amount||Up to Rs. 5 lakh||Up to Rs. 40 lakh||Up to Rs. 30 lakh||Up to Rs. 20 lakh||Up to Rs. 20 lakh|
|Processing Fee||Up to 1% of loan amount||Up to 2.50% of the loan amount||Up to 3% of the loan amount||Up to 2.25% of loan amount plus GST||Up to 1% of the loan amount|
Canara Bank Customer Care
- You can call on 1800-4250-0018 (tollfree, 24x 7 works all the days except on 15th Aug, 2nd Oct & 26th Jan)
- You can visit the nearest Canara Bank branch and
Also Read: Canara Bank Personal Loan Customer Care
Benefits of Applying for Personal Loan at Paisabazaar
- User- friendly: You can conveniently apply for personal loan on the user- friendly online portal of Paisabazaar. You can easily compare the interest rates offered by various banks on a single platform and can apply for a loan as per your requirement
- Quick in-principle approval: Once your personal loan application is submitted online, you will receive in-principle approval of your loan approval immediately
- Compare and choose: At Paisabazaar, you can easily compare interest rates offered by various lenders on a personal loan and you can choose the bank offering the lowest interest rate to make your EMIs affordable
- End-to-end assistance: Paisabazaar’s customer care team also offers you end-to-end assistance so that your application process is smooth and hassle- free
- Credit score: This is a reflection of how you have handled credit in the past. Credit score plays an important role when evaluating your personal loan application. Therefore, it is necessary to have a good credit score before you apply for a personal loan otherwise your loan application might be rejected
- Repayment ability: You should never try to borrow more than you can repayment capacity. Evaluate your repayment ability by using Paisabazaar’s Personal Loan EMI Calculator and choose a loan amount, interest rate and tenure that suits your requirement
- Know all fees and charges: There are various fees and charges other than interest rate that you might have to pay if you apply for a personal loan. These includes processing fees, late payment charges, foreclosure charges, part prepayment fees, etc. It is important to know such charges beforehand to avoid any unpleasant surprises in the future
- Compare multiple options: When you compare interest rates and other loan features offered by various lenders on financial platforms like Paisabazaar, you can opt for a personal loan option that suits you unique requirements
Q1. What will happen if I miss an EMI?
You may have to pay a late payment fee and your credit score might also get adversely affected.
Q2. I am a salaried professional and wish to opt for a loan to pay my father’s medical bills. Which loan scheme should I opt for?
You can opt for Canara Budget to deal with such a situation.
Q3. Which personal loan category should I go for if I want to purchase a mobile phone?
You can go for Canara Consumer Loan if you wish to buy a mobile phone.
Q4. How quickly is the Canara Bank personal loan disbursed?
The time take for disbursal of Canara Bank personal loan usually differs from one type of personal loan to another. That said, the in-principle approval for the personal loan is usually available within 2-3 working days after submission of the loan application.
Q5. Can I apply for Canara Budget if I am a self- employed professional?
No, only a salaried individual can apply for Canara Budget loan.